Group Chairman Tan Hoang MinhMr. Do Anh Dung, on April 5, was investigated for fraud to appropriate property. For the same crime, the Investigation Police Agency also detained six other accomplices.
Authorities allege, Mr. Do Anh Dung and individuals at the Group Tan Hoang Minh committed fraud, using 3 member companies including Star Viet Real Estate Investment Co., Ltd., Soleil Hotel Service and Investment JSC, Winter Palace Joint Stock Company and other companies. related, issued 9 rounds of bonds contrary to the law, total value of 10,300 billion dong, to raise money from investors but not used for business activities according to bond issuance documents.
Police searched the headquarters of Tan Hoang Minh Group on the evening of April 5. Photo: Hoang Hai
Mr. Dung’s behavior caused particularly serious consequences
Following the case, lawyer Tran Tuan Anh, Minh Bach Law Firm, said that the collusion between Mr. Do Anh Dung and his accomplices to defraud investors was a violation of regulations on the principles of issuance and using bond capital.
Article 5 of Decree No. 153/2020/ND-CP stipulates very clearly on the offering and trading of corporate bonds in the domestic market. Accordingly, the bond issuer must use the capital raised from the bond issuance of the enterprise for the right purpose according to the issuance plan and information disclosed to investors.
For example: implementing investment programs and projects; increase the scale of working capital; restructuring the capital source of the enterprise or the purpose of issuing bonds in accordance with specialized laws.
Lawyer Tuan Anh, Minh Bach Law Firm.
When enterprises raise capital from the issuance of bonds but do not use them for the right purposes, it is clear that the efficiency of capital use and debt repayment cannot be guaranteed, and at the same time, it may cause damage and affect greatly affect the legitimate rights and interests of investors.
“In this case, the act of raising capital by issuing bonds and then using the mobilized money for contrary purposes can be considered fraud and appropriation of property.
The three subsidiaries of Tan Hoang Minh gave false information from the beginning so that investors could trust and deliver money and then appropriate and use the money received from investors for other purposes. with the original purpose.
With the amount of money collected from performing the act is very large, up to 10,300 billion, Mr. Do Anh Dung and his accomplices will have to face a very heavy sentence.
When the investigating agency verifies, clarifies, and expands the investigation, it is possible that many other individuals in the chain will be prosecuted for the accomplice of this crime of fraud and appropriation,” lawyer Tuan Anh said. analysis.
Mr. Dung and his accomplices are likely to face a life sentence
Commenting on the above case, lawyer Phan Ke Hien, Bao Tin Law Firm said that the collusion between Mr. Dung and his accomplices to defraud investors had seriously affected the domestic and foreign investment market. country.
With the amount of VND 10,300 billion mobilized from the issuance of 9 bonds, but used it for other purposes, not for business activities according to the bond issuance documents. Mr. Dung and his accomplices will be handled for fraud and appropriation of property, according to Article 174 of the 2015 Penal Code.
Lawyer Phan Ke Hien, Bao Tin Law Firm.
With this crime, just defrauding, appropriating property valued at 500 million VND or more, the person who commits the act will be subject to the highest penalty frame of imprisonment from 12 to 20 years in prison or general imprisonment. Dear.
At the same time, the offenders may also be subject to a fine of between VND 10 million and VND 100 million, a ban from holding certain posts, a ban from practicing certain occupations or doing certain jobs for one to five years, or confiscation of part or all of them. asset.
Thus, with the appropriate amount of 10,300 billion VND, Mr. Dung and related people are likely to face the highest sentence of life imprisonment.
In this case, the investigating agency will clarify the nature and degree of danger of the behavior, and at the same time, consider the responsibility of each individual when participating in the act, who is the mastermind, who is an accomplice so that the appropriate punishment can be imposed.
“With this incident, the authorities need to handle it firmly and strictly to regain the legitimate interests of investors as well as confidence in a healthy business market to attract investors. “, lawyer Hien said.
If the bond sale is canceled, what should Tan Hoang Minh do?
According to lawyer Nguyen Duc Hung, TGS Law Firm, if the bond offering is canceled, the issuer must compensate investors for damage according to the terms committed to investors.
Clause 3, Article 28 of the Law on Securities stipulates that, within 7 working days from the date on which the public offering of securities is cancelled, the issuer must announce the cancellation of the public offering of securities. them on an electronic or printed newspaper in 3 consecutive issues and have to withdraw the issued securities. At the same time, the issuer must return money to investors within 15 days from the date the offering is cancelled.
For contracts that are due for payment: Tan Hoang Minh must return the amount to investors as soon as possible.
For contracts that are not yet due for payment: Tan Hoang Minh must urgently coordinate with state management agencies, work with issuers and asset management banks to process and return investors. in accordance with the instructions and directions of the competent authorities in the spirit of goodwill and in compliance with the provisions of the law.
at Blogtuan.info – Source: Soha.vn – Read the original article here
